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Abstract:
The present Article aims to shed light on the question whether crowdinvesting regulation
should favor a specific legal form or contract type for crowdinvesting. To this end, it analyzes
the conditions which legal forms and contract types must fulfill to be used in crowdinvesting.
As crowdinvesting in Germany benefits from a high degree of contractual freedom, the
Article gives an overview not only of the types but also of the contents of crowdinvesting
contracts that are in use in Germany and traces how they have evolved. Based on a sample
of 81% of all crowd financing in the German market, it evaluates 255 crowdinvesting
campaigns held on 18 different platforms in the period from August 1, 2011 to December
31, 2015.
